Hashflare Review - 2 Weeks In
Hi Steemit!
I have been mining with Hashflare for two weeks now and I wanted to post my review of this service so that anyone interested in signing up can have a few more facts in hand before spending their money!
The question you need to answer for yourself is this "is cloud mining a profitable addition to your investment portfolio"
Let's check out some facts.
Ethereum Mining
I spent $104.5 to buy 5 MH of power. Currently my payout is predicted at 139.9. So as you can see I would need a decent Ethereum price increase for this one to really get me ahead. The big bonus of the Eth plan though is that there are no fees.
Dash Mining
This plan has made me quite happy as it is offering a good return on investment despite the recent spike in Dash difficulty.
I invested $58 and as you can see it is returning $124 based on the current rates. However I am quite sure that this coin is going up after the recent news about Apple adopting it for online payments.
Bitcoin Mining
I am not mining Bitcoin on Hashflare, the plan does not offer enough profit to make sense and has high fees. However if we see a big spike in the price of BTC as many predict then yes this will pay off in the long run.
Litecoin (Scrypt) Mining
This is THE plan, it mines Litecoin but pays in Bitcoin. Due to the significantly lower fees, as compared to the Bitcoin mining, this contract is very profitable! I only have a small stake now, but I am going to up my hashpower quite soon since it is such an awesome plan! I have already invest $200 and the estimated return is about $470. Now we have to exclude the fee from this which is .01 per MH which is about $50 per year, so that brings me down to $420, pretty awesome, really awesome considering it is a lifetime contract. Can't recommend this enough. It will sell out, so get yours while you can!
Re-invest
Hashflare offers the reinvest option. This is cool, because you can just keep compounding your hashrate until you reach a level you are happy with. This is nice because it just automates the process.
Are you already mining with Hashflare?
If not then go and check it out! Please use my referral link if you are a new customer, it will really help me out!
Have you tried Gemini? How do you think it compares?
Hi! Do you mean Genesis? Yes, I have an account with them too. I mine my Dash over there as their contract is a two year contract so basically double coin! However, Hashflare's Scrypt contract is awesome, probably the best mining contract anywhere right now. Also Hashflare's Bitcoin mining contract is better than Genesis's too as the start up cost is lower, despite the fees being a bit higher you come out further ahead with their plan.
Yes sorry, I meant Genesis. Appreciate the detail - you've clearly compared them. I posted something a few days ago examining the relationship between crypto prices and mining rewards... : https://steemit.com/bitcoin/@twocents/impact-of-crypto-volatility-on-cloud-mining-profitability
The BTC contract in particular can evaporate of BTC falls below the "cost of production" for the cloud miner. I am trying to figure out where that level is ... that seems to be the major risk with that contract
Good post! Apperently my upvote is worth nothing :( The Dash contracts just got wrecked due to a doubling of difficulty - the only one that seems great at the moment is Hashflare's Scrypt mining......
Something is wrong since few days in scrypt mining, my revenue was cut in half, i made a lot of research about litecoin defficulty increase, but I found nothing..
is it the site playing with me? Or wrong pools
If you anyone who reads this is mining with scrypt oh hashflare and didn't face the same issue, i would appreciate some information about which pools they are using
Hey! Check out https://www.coinwarz.com/difficulty-charts/litecoin-difficulty-chart
https://bitcoinwisdom.com/litecoin/difficulty
https://bitinfocharts.com/comparison/litecoin-difficulty.html
this chart is a little more historical
While the rates between BTC and LTC do have some minor variations the big cause is as you can see on your revenue per 1mh box in hashflare the problem started around the 22nd, which directly relates to the two charts above which indicate a serious jump in mining difficulty from about 250,000 to nearly 400,000
You can always try playing around with the pools - just to experiment i just put mine up to 95% on F2Pool so will see how it goes
Check this link to see hashpower of different pools https://www.litecoinpool.org/pools
Good luck man!
Thanks for the info, i have actually already switched to 100% to F2Pool, which sounded smart now after knowing that i am not the only one who came up with such idea
Thanks and good luck to you too
All good brother, happy mining
For scrypt mining f2pool is the second best option. Switch at 100% ltc1btc and no worries, better times will come for scrypt too
Yes i am facing the same issue most profitable pool right now is f2pool...
https://www.litecoinpool.org/pools
I have been a memeber of Hashflare for around a year and love it. Mining Bitcoin but not reinvesting as the price doesnt make sense currently due to the maintenance fee and fall in price.
Write me if you want to get 15% to 20%discount on hashflare mining contracts.
any questions: [email protected]
Thanks